Bank of Nova Scotia (NYSE:BNS) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $70.81 and traded as high as $76.99. Bank of Nova Scotia shares last traded at $76.5650, with a volume of 4,414,867 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Weiss Ratings raised shares of Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research report on Wednesday, February 25th. TD Securities reissued a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Finally, Canaccord Genuity Group downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $106.00.

Bank of Nova Scotia Trading Up 2.1%

The firm has a market cap of $94.28 billion, a P/E ratio of 15.92, a price-to-earnings-growth ratio of 0.91 and a beta of 1.10. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68. The firm’s 50-day simple moving average is $72.73 and its 200 day simple moving average is $70.85.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.06. The firm had revenue of $7.40 billion during the quarter, compared to the consensus estimate of $6.99 billion. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The company’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $1.76 earnings per share. As a group, analysts expect that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Hedge Funds Weigh In On Bank of Nova Scotia

Large investors have recently modified their holdings of the business. Mondrian Investment Partners LTD purchased a new position in Bank of Nova Scotia during the third quarter valued at approximately $30,000. Swiss RE Ltd. purchased a new position in Bank of Nova Scotia in the 4th quarter worth approximately $30,000. Brown Brothers Harriman & Co. purchased a new position in Bank of Nova Scotia in the 4th quarter worth approximately $34,000. Quarry LP purchased a new position in Bank of Nova Scotia in the 3rd quarter worth approximately $35,000. Finally, Virtus Advisers LLC purchased a new position in Bank of Nova Scotia in the 3rd quarter worth approximately $39,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.